Korbit, South Korea’s first homegrown crypto exchange, founded in 2013, now has a new home and it’s a traditional financial giant.
The exchange announced Thursday that it is now part of the Mirae Asset Group family, which reportedly had $1 trillion in AUM in May.
The acquiring entity is Mirae Asset Consulting, a subsidiary of Mirae Asset Group, which has acquired Korbit’s shares through mandated regulatory reporting procedures and has become the largest shareholder. The announcement clarified that there are no changes to Korbit Co., Ltd., the company that operates Korbit.
The associated company also handles the group’s hotels and golf course businesses and now reportedly has a 97.15% stake in Korbit.
For exchange users, the acquisition of the Mirae-affiliated company does not cause any immediate disruption. The exchange said all services, such as login, trading, deposits and withdrawals, will continue without interruption. User deposits and virtual assets will continue to be kept separate from the company’s assets, in accordance with South Korea’s Law on the Protection of Users of Virtual Assets. The processing of personal data also remains unchanged and requires no action from users.
